The Singaporean court has approved WazirX’s restructuring plan to repay 80% of the user funds lost during a significant cyber incident. The company aims to enhance operations and compensate affected users.
On January 23, 2025, WazirX released a press statement indicating that the court granted a 16-week moratorium to its parent company, Zettai Pte Ltd, facilitating the restructuring process.
The Breach That Shook Confidence In The Exchange
A major security breach affected WazirX, where hackers exploited vulnerabilities leading to substantial losses in cryptocurrencies from user accounts. This incident raised significant concerns about security measures at crypto platforms in India.
Affected users filed legal complaints against WazirX for negligence. Users have taken to social media platforms to express their frustrations and demand accountability from the exchange.
Day 5 of seeking my money back from WazirX. #WazirxScam @PatelViren1629
Translation: Day 5 of seeking my money back from WazirX. #WazirxScam
The court found no abuse of process regarding Zettai, dismissing any allegations of misconduct linked to the cyberattack. It was found that the North Korean Lazarus group was responsible for the breach.
In a multinational move, the U.S., Japan, and South Korea issued a warning regarding increasing cyberattack threats linked to North Korean entities, emphasizing the need for stringent security reviews.
Can CoinDCX Acquire WazirX?
Sumit Gupta, CEO of CoinDCX, mentioned, “Honestly, it is not in my hands. There are many court proceedings and other factors. But we remain open to the idea of helping customers affected by this incident.”
Gupta noted that WazirX could have handled the breach more effectively and expressed his intention to support affected users in regaining their confidence in the crypto space.
“Maybe once the court clearance happens, we will have an update within a month or two, but yes, the intent is there,” said Gupta.
Translation: “Maybe once the court clearance happens, we will have an update within a month or two, but yes, the intent is there.”
